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Jan 14, 2013
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the consensus is, we need about $4 trillion to stabilize our debt and our deficit. which means we need about $1.5 trillion more. the package that i offered to speaker boehner before we -- before the new year would achieve that. we were actually fairly close in terms of arriving at that number. so if the goal is to make sure that we are being responsible about our debt and our deficit, if that's the conversation we're having, i'm happy to have that conversation. and by cin
the consensus is, we need about $4 trillion to stabilize our debt and our deficit. which means we need about $1.5 trillion more. the package that i offered to speaker boehner before we -- before the new year would achieve that. we were actually fairly close in terms of arriving at that number. so if the goal is to make sure that we are being responsible about our debt and our deficit, if that's the conversation we're having, i'm happy to have that conversation. and by cin
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Jan 18, 2013
01/13
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and i remembered some of the earlier deficit reduction battles we had. i voted for virtually all of them. and i was thinking what is changed since those debates? and i think there have been two major changes. number one the deficit is clearly much greater, and that's an added dimension. but secondly, the -- when i think of the ways & means committee, what a change there's been in the competition. when i joined ways & means, barbara had just left the ranking member, and he then went the world bank. i worked with bill frenzel on trade. bill archer was handling the tax material, mainly and bill was working on health care. i think a second major change that effects the debate is changing composition of the republican party. i think it has moved very much more to the right describe it from the days when i joined the committee. and i think that makes it very much more difficult to handle the problems that we have before us. so let me just comment briefly on where we are. you heard the president yesterday. we've had spending cuts of a billion and a half or tril
and i remembered some of the earlier deficit reduction battles we had. i voted for virtually all of them. and i was thinking what is changed since those debates? and i think there have been two major changes. number one the deficit is clearly much greater, and that's an added dimension. but secondly, the -- when i think of the ways & means committee, what a change there's been in the competition. when i joined ways & means, barbara had just left the ranking member, and he then went the...
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Jan 15, 2013
01/13
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the deficit. so it shouldn't be surprising, given all this talk, that the american people think washington is hurting, rather than helping, the country at the moment. they see their representatives consumed with partisan brinksmanship over paying our bills, while they overwhelmingly want us to focus on growing the economy and creating more jobs. so let's finish this debate. let's give our businesses and the world the certainty that our economy and our reputation are still second to none. we pay our bills. we handle our business. and then we can move on -- because america has a lot to do. we've got to create more jobs. ofve got to boost the wages those who have work. we've got to reach for energy independence. we've got to reform our immigration system. we've got to give our children the best education possible, and we've got to do everything we can to protect them from the horrors of gun violence. and let me say i'm grateful to vice president biden for his work on this issue of gun violence and fo
the deficit. so it shouldn't be surprising, given all this talk, that the american people think washington is hurting, rather than helping, the country at the moment. they see their representatives consumed with partisan brinksmanship over paying our bills, while they overwhelmingly want us to focus on growing the economy and creating more jobs. so let's finish this debate. let's give our businesses and the world the certainty that our economy and our reputation are still second to none. we pay...
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Jan 16, 2013
01/13
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deficit now exceeds 100% of debt gdp ratio. so we may be experiencing the initial tax of extended deficit financing. the longer-term problem is to a very large extent a product of key entitlement programs that are an important part of the nation's safety net for the elderly. the growth of spending in the nation's entitlement programs can help a program secure for current and future workers than we think that's very important. by 2035, there will be only two workers per beneficiary to 60 federal retiree who have 50% longer retirement than encouraging 1895. so this is a serious issue. currently the social security retirement is a pay-as-you-go system that provides for and no benefits and tax collects. this will lead to insolvency, particularly with the increasing number of baby boomers retiring every day is referred to by maia and lewis. others news, nor do i have the program make expertise necessary to suggest solutions, it's important that congress and allies acceptable methods to assure that these programs to retirees. reforms
deficit now exceeds 100% of debt gdp ratio. so we may be experiencing the initial tax of extended deficit financing. the longer-term problem is to a very large extent a product of key entitlement programs that are an important part of the nation's safety net for the elderly. the growth of spending in the nation's entitlement programs can help a program secure for current and future workers than we think that's very important. by 2035, there will be only two workers per beneficiary to 60 federal...
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Jan 15, 2013
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it does not create new deficits. it does not create new spending. so not raising the debt ceiling is sort of like a family which is trying to improve its credit ratings and i know how we can save money, we will not pay our credit card bills. not the most effective way to improve your credit rating. it was a very slow solution to the debt ceiling in august of 2011 that got the u.s. downgraded last time. so it's very important. all these issues are important, but it's very, very important that congress take necessary action to raise the debt ceiling to avoid a situation where our government does not pay its bills. >> a number of people have expressed concern about how much of the challenges actually were addressed in the deal. it went part of the way, as you mentioned. but it leaves a number of issues still on the table and traditional negotiations are looming. would you characterize that as an additional cliff that is facing us? or do you think it is not as concerning as it was when you raised the term initially? >> as i said, the fiscal cliff, if al
it does not create new deficits. it does not create new spending. so not raising the debt ceiling is sort of like a family which is trying to improve its credit ratings and i know how we can save money, we will not pay our credit card bills. not the most effective way to improve your credit rating. it was a very slow solution to the debt ceiling in august of 2011 that got the u.s. downgraded last time. so it's very important. all these issues are important, but it's very, very important that...
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Jan 17, 2013
01/13
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it will reduce the deficit. obama care has brought the number of uninsured americans to the lowest level since 2008. however, the law would be fully implemented until 2014. it would put pressure on all insurers to lower their premiums in order to compete. it would also provide immediate relief to small businesses and the federal government and all parts of the economy. for example, former defense secretary robert gates has warned the rising -- he has warned of rising military health care costs for years. >> sharply rising health care costs are consuming an ever-larger share of this department. growing from 19 billion in 2001. >> military health care costs have gone up 300% in the past decade. 2012 was the first year since 1995 military personnel saw an increase in health care premiums. now, there are two things republicans love, the military and reducing the deficit. republican should be thrilled with the public option. how can you make a hundred billion dollar mistake? who's doing the math? will it save or won'
it will reduce the deficit. obama care has brought the number of uninsured americans to the lowest level since 2008. however, the law would be fully implemented until 2014. it would put pressure on all insurers to lower their premiums in order to compete. it would also provide immediate relief to small businesses and the federal government and all parts of the economy. for example, former defense secretary robert gates has warned the rising -- he has warned of rising military health care costs...
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Jan 15, 2013
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down and would pay down the deficit. guest: i like the point you are making. a very close friend of mind in scranton is a jeep dealer. and he was going to sell a cherokee in beijing, it costs about $100,000 which is outrageous. they add all sorts of import and do the fees and that just will not happen here. we need to rethink some of these trade imbalances. for example, of the note to the big box retailer and you can see the big box retailers and the countries that do not have strict labor laws, workplace safety laws, environmental regulations to protect, in a sensible fashion, the economy. foreign countries can sell them cheaper the in this country and i think that applies to automobiles as well. maybe the way to have these sensible regulations is to have a sensible tax along the line you are talking about. host: we are talking with freshman democrat from pennsylvania, rep cartwright. next caller. caller: the definition of the fault is not being able to pay your bills. -- the definition of default is not being able to p
down and would pay down the deficit. guest: i like the point you are making. a very close friend of mind in scranton is a jeep dealer. and he was going to sell a cherokee in beijing, it costs about $100,000 which is outrageous. they add all sorts of import and do the fees and that just will not happen here. we need to rethink some of these trade imbalances. for example, of the note to the big box retailer and you can see the big box retailers and the countries that do not have strict labor...
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Jan 16, 2013
01/13
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guest: we have had some deficit reduction. as the president laid out a couple days ago, we have had over $2 trillion. we had 1.5 trillion that came from previous actions. and then we added just a few days ago some further deficit reductions through some increased taxes on the very wealthy of this country. so we have already begun to undertake a deficit-reduction. to use that as a reason to use the debt ceiling as a weapon is really playing with fire. they say pay some bills and not pay others. we have never tried that before. host: is it feasible? guest: i don't think so. which bills? social security? veterans? people out fighting for this country? which bills you pay? we never tried that. i think the president put it so well. this is not a dead beat nation, really. i think common sense is likely to prevail within the republican ranks. i know firsthand, second-hand, but much of the leadership within the house republican caucus, some of them realize the potential consequences. host: if president obama won on the fiscal cliff de
guest: we have had some deficit reduction. as the president laid out a couple days ago, we have had over $2 trillion. we had 1.5 trillion that came from previous actions. and then we added just a few days ago some further deficit reductions through some increased taxes on the very wealthy of this country. so we have already begun to undertake a deficit-reduction. to use that as a reason to use the debt ceiling as a weapon is really playing with fire. they say pay some bills and not pay others....
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Jan 14, 2013
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they think the 1.2 is equal to the deficit. it's only 10% of the deficit. my solution is to raise taxes by $300 billion and cut spending by $900. -- by $900 billion. i find the american public is not very smart. host: you know, that is -- the educational question is a fundamental question. here's what happens. let's talk in practical terms and not a theoretical terms. when paul ryan came out with his budget, he had some substantial changes in medicare and medicaid. over time they would've been phased in. no one over the age of 55 would've been affected by them, giving you time to really prepare for your retirement. the changes were relatively minor in the short run, but compounded over the next 20 years would've made a real difference in our indebtedness. that is not the kind of debate we had last year either at the presidential or senatorial congressional level. it was this. people want to change medicare want to push ganny. off a people who want to change medicaid are hard hearted and don't care about poor people. we never had a debate on the fundamental
they think the 1.2 is equal to the deficit. it's only 10% of the deficit. my solution is to raise taxes by $300 billion and cut spending by $900. -- by $900 billion. i find the american public is not very smart. host: you know, that is -- the educational question is a fundamental question. here's what happens. let's talk in practical terms and not a theoretical terms. when paul ryan came out with his budget, he had some substantial changes in medicare and medicaid. over time they would've been...
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Jan 16, 2013
01/13
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it doesn't create new deficits. it doesn't create new spending. so not raising the debt ceiling is sort of like a family, which is trying to improve its credit rating sank i know how we can save money, we won't pay off credit card bills. not the most effective way to improve your credit rating. it was the very slow solution to the debt ceiling in august 2011 i got the u.s. downgraded last time. so it's very, very important that all these issues are important but it's very, very important that congress take necessary action to raise the debt ceiling to avoid a situation where our government doesn't pay its bills. >> a number of people have expressed concern about how much of the challenges actually were addressed in the deal. as you mention it certainly went part way but it leaves another the issues still on the table, and additional negotiations and are looking. would you characterize that as an additional clip that is facing us, or do you think that it's not as concerning as it was when you raised that term initially? >> as i said, the fiscal cli
it doesn't create new deficits. it doesn't create new spending. so not raising the debt ceiling is sort of like a family, which is trying to improve its credit rating sank i know how we can save money, we won't pay off credit card bills. not the most effective way to improve your credit rating. it was the very slow solution to the debt ceiling in august 2011 i got the u.s. downgraded last time. so it's very, very important that all these issues are important but it's very, very important that...
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Jan 16, 2013
01/13
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the deficit is much greater. when i think of the ways and means committee, would change their has been in the composition. the ranking member at a time when i started went to the world bank. i worked with bill on trade. he was handling the tax material mainly. and bill was working on health care at the time. i think a second major change is very much effective today and affects us today. it is this change in composition of the republican party. i think it has moved very much more to the right. i think that makes it very difficult to handle the problems that we have before us. let me comment briefly on where we are. you offer the president yesterday. we have had spending cuts of a trillion and a half dollars. it comes from the budget control act. we have a trillion and a half of spending cuts. essentially in terms of deficit reduction, and has over 600 billion. the account interest, we have essentially of a deficit reduction of $2.5 trillion. the president set a goal of an additional $1 trillion in deficit reducti
the deficit is much greater. when i think of the ways and means committee, would change their has been in the composition. the ranking member at a time when i started went to the world bank. i worked with bill on trade. he was handling the tax material mainly. and bill was working on health care at the time. i think a second major change is very much effective today and affects us today. it is this change in composition of the republican party. i think it has moved very much more to the right....
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Jan 15, 2013
01/13
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the deficit. so it should not be surprising, given all the talk, the it the american people think washington is hurting rather than helping the country at the moment. they see their representatives concerned over paying the bills while they overwhelmingly want to focus on growing the economy and creating more jobs. so let's finish this debate and give it businesses and the world the certainty our economy and reputation are still second to none of. we pay our bills. we handle our business, and then we can move on, because america has a lot to do. we have to create more jobs, boost the wages of those that have worked and reached for energy independence, reformed immigration system. we have to give our children the best education possible and do everything we can to protect them from the horrors of gun violence. i am grateful to vice president biden for his work on this issue of gun violence and for his proposals, which i will review later today and address in the next few days and intend to vigorous
the deficit. so it should not be surprising, given all the talk, the it the american people think washington is hurting rather than helping the country at the moment. they see their representatives concerned over paying the bills while they overwhelmingly want to focus on growing the economy and creating more jobs. so let's finish this debate and give it businesses and the world the certainty our economy and reputation are still second to none of. we pay our bills. we handle our business, and...
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Jan 15, 2013
01/13
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. >> critics say california would still have a deficit. >> if making payments we needed to pay for benefits, we'd be $9 billion in the hole. so the only way you can show we're not is by ignoring he's obligation autos the brown administration says ate dresses problems just not as fast as critics with like because there is only so much money and the state has more pressing needs. >> we're paying it down on a schedule basis, holding a line on spending. and we believe we've got a proven road map. >> the analyst has concerns about how schools are being given money that is an initiative to make campuses more energy efficient. being counted as part of per pupil spending. >> we've raised concerns over whether it meets language of prop 39. >> both agree that state budget could be turned upside down as soon as next n month if california receives less money from feds as a result of the negotiations in washington, d.c.. live in sacramento abc 7 news. >> thank you. >> former president bush left the hospital in texas today after bet battling illness. brompk kitis related cough sent hem to the hospital on
. >> critics say california would still have a deficit. >> if making payments we needed to pay for benefits, we'd be $9 billion in the hole. so the only way you can show we're not is by ignoring he's obligation autos the brown administration says ate dresses problems just not as fast as critics with like because there is only so much money and the state has more pressing needs. >> we're paying it down on a schedule basis, holding a line on spending. and we believe we've got a...
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Jan 19, 2013
01/13
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it doesn't create new deficits. it does not create new spending. so not raising the debt ceiling is sort of like a family, which is trying to improve its credit rating, shane, i know how we can improve our credit rating. we will pay your credit card bills. that is not the best way to improve your credit rating. all of these issues are important, but it is very important that congress take necessary action to raise the debt ceiling to avoid a situation where our government does not pay its bills. >> and number of people have expressed concern about how much of the chill news were addressed in the deal. it went part way, but it leaves a number of issues still on the table and negotiations are looming. would you characterize that as an additional cliff that is facing us? or is it not as concerned as it was when you raised that term initially? >> as i said, the fiscal kloof, if allowed -- the fiscal clef, if allowed to take place, would probably create a recession this year. a good part of that has been addressed. but nevertheless, we have a set of a r
it doesn't create new deficits. it does not create new spending. so not raising the debt ceiling is sort of like a family, which is trying to improve its credit rating, shane, i know how we can improve our credit rating. we will pay your credit card bills. that is not the best way to improve your credit rating. all of these issues are important, but it is very important that congress take necessary action to raise the debt ceiling to avoid a situation where our government does not pay its...
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Jan 17, 2013
01/13
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we have an education deficit. we have skill development deficits closely related to education. we have an infrastructure development and repair deficit of e mori nows -- enormously important pace of proportions, and look at other countries from the recession and countries with very different political systems than ours to see the close relationship that infrastructure investment and development have on the likelihood and pace of recovery from a severe, global downturn. we also have, if not a deficit, an important urgent need to address the issue of energy and independence and opportunity that's sitting right in front of us ready to be advanced in the next year or two, but that requires leadership and initiative in washington and immigration reform, again, the subject that was discussed before. one more word, finally, about the process. for this, i go back to an earlier part of my life as a professor of law and one of the subjects i taught every year was negotiation. negotiation of a variety of contacts from international to commercial and transactional to labor management dispu
we have an education deficit. we have skill development deficits closely related to education. we have an infrastructure development and repair deficit of e mori nows -- enormously important pace of proportions, and look at other countries from the recession and countries with very different political systems than ours to see the close relationship that infrastructure investment and development have on the likelihood and pace of recovery from a severe, global downturn. we also have, if not a...
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Jan 15, 2013
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because when interest rates go up, that means the deficit will go up. so we make the problem worse by taking this route if we go down this pathway. >> i want to throw three terms at you that we've had to stomach out in america. debate over the fiscal cliff, the debate over the debt ceiling and the budget show dunn. all three of these very serious. but which is the most serious. >> the debt ceiling could do damage to our countries for decades to come if we hit it and don't expect the problem. this is the most dangerous thing. this is almost a nuclear option. this is really playing with very dangerous things. and one little mistake could be devastating to our country. >> and yet you still come on day after day and smile with me. thank you. always good to see you. >>> by the way, i just want to remind you if you're doing the math, the treasury says it might come up short in its payments as soon as february 15th. ♪ [ male announcer ] some day, your life will flash before your eyes. make it worth watching. introducing the 2013 lexus ls. an entirely new pur
because when interest rates go up, that means the deficit will go up. so we make the problem worse by taking this route if we go down this pathway. >> i want to throw three terms at you that we've had to stomach out in america. debate over the fiscal cliff, the debate over the debt ceiling and the budget show dunn. all three of these very serious. but which is the most serious. >> the debt ceiling could do damage to our countries for decades to come if we hit it and don't expect the...
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Jan 14, 2013
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not when it comes to our nation's finances, but this trust deficit in washington. the republicans, you have the president, doing this, boom, and just how is this even going to play out over the next couple of weeks? >> well, you have the debt ceiling, which is the current fight. and what you have is confrontation, not conversation. how is it going to play out? again, the president believes he has the political high ground now and he believes he's -- he believes his position is right. that you don't want to negotiate over the debt ceiling, let's have a bigger conversation. the republicans, they control the house of representatives, they still have a decent chunk of votes, the democrats control the senate, they say no way, sir. and so you have this fight over the debt ceiling, but it is about bigger issues. the debt ceiling has nothing to do with immigration reform, nothing to do with the proposals on gun control, nothing to do with anything else the president might want to do in his second term, but guess what, it does affect the climate in washington. and the fact
not when it comes to our nation's finances, but this trust deficit in washington. the republicans, you have the president, doing this, boom, and just how is this even going to play out over the next couple of weeks? >> well, you have the debt ceiling, which is the current fight. and what you have is confrontation, not conversation. how is it going to play out? again, the president believes he has the political high ground now and he believes he's -- he believes his position is right. that...
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Jan 17, 2013
01/13
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impact of extended deficit financing. the longer term problem is to a very large extent the product of the key entitlement programs that are in a part of part of the nation's safety net for the elderly. slowing the growth of spending in the nation's in title at program can help make these programs secure for current and future workers and we think that's very important. by 2035, there will be only two workers per beneficiary and a typical 65-year-old retiree would have about a 50% longer retirement than had occurred in 1995. this is a very serious issue. currently the social security retirement is a pay-as-you-go system that provides more annual benefits than the payroll tax collectors. if left alone, this eventually will lead to insolvency particularly with the rapidly increasing number of baby boomers retire in every day as was referred to by maya and louis. there isn't time today nor do i have the proven expertise to suggest specific solutions it's important that the contras and the administration analyze acceptable me
impact of extended deficit financing. the longer term problem is to a very large extent the product of the key entitlement programs that are in a part of part of the nation's safety net for the elderly. slowing the growth of spending in the nation's in title at program can help make these programs secure for current and future workers and we think that's very important. by 2035, there will be only two workers per beneficiary and a typical 65-year-old retiree would have about a 50% longer...
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Jan 18, 2013
01/13
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you were talking about debt and deficit and government spending 15, 20 years ago when nobody was that much focused on it in washington, but now they really are. here is a chance for you to take all you learned, what you learned on the way up, on the way down, in congress, in the governorship, and apply it to what is really the debate of our times. if you look, we're having a new fiscal crisis it seems every couple months. we had the debt ceiling, the fiscal crisis, and that's really the tip of the iceberg that is coming our way based on unbelievable demographics and unbelievably unsustainable government spending. what i want to do is take what i learned and hopefully apply it to again a great conundrum that now exists in washington, which is how do we get our financial house in order? >> i wish you all the very best. thank you for joining me again tonight. it's a pleasure to talk to you as it was last time. i genuinely wish you well. i'm glad you're making another go at this. good luck with it. >> i appreciate it, thanks. >>> a critic who says newtown changed everything, but the nra d
you were talking about debt and deficit and government spending 15, 20 years ago when nobody was that much focused on it in washington, but now they really are. here is a chance for you to take all you learned, what you learned on the way up, on the way down, in congress, in the governorship, and apply it to what is really the debate of our times. if you look, we're having a new fiscal crisis it seems every couple months. we had the debt ceiling, the fiscal crisis, and that's really the tip of...
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Jan 14, 2013
01/13
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the deficit. is that really the objective? the concern is we are spending more than we take in. that is the case, there is a way of balancing that so that we take in more money, increasing revenue, and we reduce spending. there is a recipe for getting that done. in the conversation i had was speaker boehner by the end of the year, we became pretty close, a few hundred dollars -- a few hundred billion separating us. it seems as though what is motivating this from the house republicans is more than debt reduction. they have a vision about what government should and should not do. they are suspicious about government policy commitment to make sure that seniors have decent health care as they grow older. they have suspicions about social security. they have suspicions about whether government should make sure that kids in poverty are getting enough to eat or whether we should be spending money on medical research. they have a particular view about what government should do and should be. that deal was
the deficit. is that really the objective? the concern is we are spending more than we take in. that is the case, there is a way of balancing that so that we take in more money, increasing revenue, and we reduce spending. there is a recipe for getting that done. in the conversation i had was speaker boehner by the end of the year, we became pretty close, a few hundred dollars -- a few hundred billion separating us. it seems as though what is motivating this from the house republicans is more...
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Jan 17, 2013
01/13
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FBC
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those problems this country faces, according to respondents of the latest gallup poll looking at the deficit and the economy and unemployment is far more important. public policy in washington. the president is going after our guns, unveiling the most sweeping set of gun-control proposals and nearly two decades here is this moments. the reson that there is so for the second amendment to prevail despite his assault. the decade-long assault weapons ban, which ran from 1994, it did not work. 1994 was a different year, by the way, then this year, 2013. and the political conditions are quite different because the reality of america is quite different. it is important to look back and think about the fact that in '94, the house, the senate, and the white house were all controlled by democrats. today republicans control just the house as the president likes to constantly remind us. back then president clinton pushed the assault weapons ban as part of a broader crime bill. it was not just an imperious and grabbed, but it was an important piece of legislation, and it was a different time. despite the
those problems this country faces, according to respondents of the latest gallup poll looking at the deficit and the economy and unemployment is far more important. public policy in washington. the president is going after our guns, unveiling the most sweeping set of gun-control proposals and nearly two decades here is this moments. the reson that there is so for the second amendment to prevail despite his assault. the decade-long assault weapons ban, which ran from 1994, it did not work. 1994...
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Jan 18, 2013
01/13
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that's a structural deficit is gone and why we've achieved the highest credit rating in history. best buy with further to go to be sure, we have a very short recession faster than most other states and stronger than before to prepare for the future we invest in ourselves and had done so during the worst economic downturn in the big memory, lurch the, barry fermi transportation bureaucracy and shutting down the turnpike authority, controlling health care costs in introducing accountability and flexibility of our schools, ending the peace in the pension system, refer need immiscible health care, eliminating 6000 positions, and overcome its unions to gain concessions, constantly seeking better ways to deliver services. we have together saved the commonwealth over $11 billion so far, which in turn has enabled us to invest in education, innovation and infrastructure and to grow opportunity. there's always more to do. only this past week we propose to reform the retiree health benefits plan and consolidate 240 local housing authorities into just six regional ones without the business a
that's a structural deficit is gone and why we've achieved the highest credit rating in history. best buy with further to go to be sure, we have a very short recession faster than most other states and stronger than before to prepare for the future we invest in ourselves and had done so during the worst economic downturn in the big memory, lurch the, barry fermi transportation bureaucracy and shutting down the turnpike authority, controlling health care costs in introducing accountability and...
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Jan 14, 2013
01/13
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FBC
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governor brown in the state of the states last week said, look, we're finished with the deficit. we're okay. we're in the black, actually. that's what he said. >> well, yes, if you look at the actual numbers behind that, part of eliminating that budget deficit meant pushing off payments towards bond obligation. they took a couple billion off the back end there, and what's interesting, it's easy to claim there's a budget surplus with $6 billion more of the taxpayers money thanks to prop 30, but hidden in the funding means that the governor's now going to back fill pension payments and salaries to stateupon work ores, and that was not part of the promise. >> that's interesting. this prop 30 raised taxes that was in the november election, and it was back dated to january. they are going to bring in an extra $6 million, and mark, you say some of the extra revenue goes towards paying state worker pensions opposed to reinvigorated the health service or the education system; right? >> yes. it also goes towards eliminating a few of the furlough fridays that schwarzenegger posted trying t
governor brown in the state of the states last week said, look, we're finished with the deficit. we're okay. we're in the black, actually. that's what he said. >> well, yes, if you look at the actual numbers behind that, part of eliminating that budget deficit meant pushing off payments towards bond obligation. they took a couple billion off the back end there, and what's interesting, it's easy to claim there's a budget surplus with $6 billion more of the taxpayers money thanks to prop...
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Jan 14, 2013
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. >> megyn: and my last question for you quickly he's put in place, 3.25 in place of deficit reduction, a little short of 4 trillion we need, but he would have the american public believe he's significantly reduced our deficit as president. >> which makes you wonder why we need another 2 trillion dollars so desperately now as we are getting ready for the beginning of his second term. obviously, that's 2 1/2 trillion that is, well, fanciful in my opinion and ethereal in others and it's not a reduction in baseline, it's a reduction in the rate of growth of spending, which is again suffocating to the private economy and unsustainable over the course of the next several years. >> megyn: one thing we did hear the president reference personally, we heard it from nancy pelosi prior, but the president personally talking about now closing more loopholes and that means higher taxes. we don't know on who, but he would not specify any specific spending reductions and refusing to negotiate with the house republicans on the issue of the debt ceiling. lou, an interesting couple of months. looking for
. >> megyn: and my last question for you quickly he's put in place, 3.25 in place of deficit reduction, a little short of 4 trillion we need, but he would have the american public believe he's significantly reduced our deficit as president. >> which makes you wonder why we need another 2 trillion dollars so desperately now as we are getting ready for the beginning of his second term. obviously, that's 2 1/2 trillion that is, well, fanciful in my opinion and ethereal in others and...
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Jan 16, 2013
01/13
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we do this by cutting spending, shrinking the deficit and balancing the budget. you know, as a businessman, when you're not selling your product, you don't raise taxes. i.e. -- and you don't raise prices. you cut spending. that's where the money is. that's where the cash flow is. and that's what we've got to get to. our nation's economic future is at stake. the federal government current liborios more than 40 cents of every $1 spent. i think we will we all agree it's time to get our fiscal house in order. across this great nation, the families have stretched their hard-earned dollars in order to make it through this struggling economy. the federal government must do the same and must do it now. we're facing a crisis because washington just simply spends too much and wastes too much. as i said, again, families all across this i country, they're not looking to spend more money, they're looking to cut expenses, to meet the problems we all face today. the american people i believe do not support raising the debt. i ran on lower taxes, less government, cut the spendin
we do this by cutting spending, shrinking the deficit and balancing the budget. you know, as a businessman, when you're not selling your product, you don't raise taxes. i.e. -- and you don't raise prices. you cut spending. that's where the money is. that's where the cash flow is. and that's what we've got to get to. our nation's economic future is at stake. the federal government current liborios more than 40 cents of every $1 spent. i think we will we all agree it's time to get our fiscal...
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Jan 20, 2013
01/13
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another thing going on is deficit politics. i'm not saying just the deficit itself, which with a balanced approach we can take care of like we did in the '90s after bush one. i think deficit politics, there's a fear of it, it's ginned up, becomes a big obstacle to doing things he wants to do and that the country needs like investing in our economic infrastructure, improving public education, jump-starting new industries to keep us competitive, that sort of thing. i think that's going to be a big obstacle to a lot of things in the second term. >> he touched on the deep division that marked certainly the second part of his first term, robert. gridlock in congress. what is the gop's strategy for working with this president in the second term? because surely they don't want to be labeled as obstructionist for the next four years. >> the posture of the gop for the first term is to deny this president the second term. now that he is in his second term, i think what the republicans will do most likely is let's see where we can find co
another thing going on is deficit politics. i'm not saying just the deficit itself, which with a balanced approach we can take care of like we did in the '90s after bush one. i think deficit politics, there's a fear of it, it's ginned up, becomes a big obstacle to doing things he wants to do and that the country needs like investing in our economic infrastructure, improving public education, jump-starting new industries to keep us competitive, that sort of thing. i think that's going to be a...
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Jan 17, 2013
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lowered the deficit to 1.4% of gdp in 2022, stabilize the debt by 2015. it even further reduced discretionary spending. it builds on health reform savings and called for social security reform, and provided specific things to do to get social security solvent for the next 75 years here and also include fundamental tax reform that raise revenue. and raised quite a bit of revenue, 2.4 trillion of that 5.4 trillion would have been revenue, but revenue not required raising rates, but revenue that would come through reforming the tax code, reducing preferences, exclusions that are shot through the tax code, to actually be able to reduce rates and raise additional revenue. for anybody that wanted can you really do that, remember tax expenditures are running $1.2 trillion a year. we are spending more for the tax code than we are through all of the appropriate accounts of the federal government. this is what happens to the deficit in the share of gdp under the fiscal commission plan. you can see a dramatic improvement. the fiscal cliff plan, and what was just ado
lowered the deficit to 1.4% of gdp in 2022, stabilize the debt by 2015. it even further reduced discretionary spending. it builds on health reform savings and called for social security reform, and provided specific things to do to get social security solvent for the next 75 years here and also include fundamental tax reform that raise revenue. and raised quite a bit of revenue, 2.4 trillion of that 5.4 trillion would have been revenue, but revenue not required raising rates, but revenue that...
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Jan 14, 2013
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the fact is though we can't finish the job of deficit reduction through spending cuts alone. the cuts we've already made to priorities other than medicare medicaid, social security and defense, mean that we spend on everything from education to public safety less as a share of our economy than has been true for a generation, and that's not a recipe for growth. so, we've got to do more both to stabilize our finances over the medium and long term but also spur more growth in the short term. now, i've said i'm open to making modest adjustments to programs like medicare to protect them for future generations, and i've also said that we need more revenue through tax reform by closing loopholes in our tax code for the wealthiest americans. if we combine a balanced package of savings from spending on health care and revenues from closing loopholes, we can solve the deficit issue without sacrificing our investments in things like education that are going to help us grow. turns out, the american people agree with me. they listened to an entire year's debate over this issue and they ma
the fact is though we can't finish the job of deficit reduction through spending cuts alone. the cuts we've already made to priorities other than medicare medicaid, social security and defense, mean that we spend on everything from education to public safety less as a share of our economy than has been true for a generation, and that's not a recipe for growth. so, we've got to do more both to stabilize our finances over the medium and long term but also spur more growth in the short term. now,...
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Jan 14, 2013
01/13
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and ashley added to the deficit. it should not be surprising giving all this talk that washington is hurting rather than helping the country at the moment. they see our representatives and sound with partisan brinksmanship over paying our bills. they overwhelmingly want to focus on growing the economy and creating more jobs. let us finish this debate. give our businesses and the world of the certainty that our economy and reputation are still second to none. we pay our bills, we have all our business and we move on because america has a lot to do. we had to create more jobs and boost the wages of those who have worked. we have to reach for energy and independence we have didn't reach for our immigration system we have to give our children the best education possible and protect them from the horrors of gun violence. let me say i am grateful to vice-president joe biden for his work on this issue of gun violence and for his proposals which i will be reviewing today. i will address of the next few days. with that, i wil
and ashley added to the deficit. it should not be surprising giving all this talk that washington is hurting rather than helping the country at the moment. they see our representatives and sound with partisan brinksmanship over paying our bills. they overwhelmingly want to focus on growing the economy and creating more jobs. let us finish this debate. give our businesses and the world of the certainty that our economy and reputation are still second to none. we pay our bills, we have all our...
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Jan 14, 2013
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starting lineup top sports stories talk about a roller-coaster ride seattle coming back from a 20 point deficit. they go with a second hail mary. atlanta wins. pate yos one whi -- patriots on away. they beat the texans. the time 41 after the hour. still ahead everyone is being forced to get health insurance or pay a fee. now it turns out obama care has more hidden secrets for taxpayers. do you want to know what it is like to be a prince or princess? it may be more of a cinderella story than a fairy tale. >> insurance companies say there has to be a mandate to make it cost effective. we have story. >> the affordable care act may get beefed up even more if insurance companies get their way. it is key to making the new law work by offsetting the cost to help six people as well. the penalty for not getting insurance is $95 or one percent of the income. in 2015 it will be $325 or two percent of your income. still much less than the cost of insurance. at those rates many healthy people will on the to forego insurance especially since they know if they get sick down the road they will not be turned aw
starting lineup top sports stories talk about a roller-coaster ride seattle coming back from a 20 point deficit. they go with a second hail mary. atlanta wins. pate yos one whi -- patriots on away. they beat the texans. the time 41 after the hour. still ahead everyone is being forced to get health insurance or pay a fee. now it turns out obama care has more hidden secrets for taxpayers. do you want to know what it is like to be a prince or princess? it may be more of a cinderella story than a...
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Jan 15, 2013
01/13
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bush was -- >> i thought their one idea, david, was cutting the deficit. >> that's -- they say that's the case, but it really is they want to just talk about spending cuts as if that is going to help the economy. and any mainstream economist now tells you that you may have to do that in some ways for long-term deficit implications but that's not good in the short run. even simpson/bowles say don't cut so fast. >> and just to be clear, it's not at all clear that they actually have coherent plans for anything they're suggesting. they have sort of hand waving spending cuts, entitlement reform without really writing down a specific path to get there. >> incredible. david corn and jared bernstein, gentlemen, thank you so much. stay with us. we'll be right back. what do we want to build next ? that's the question. every day. when you have the most advanced tools, you want to make something with them. something that helps. helps safeguard our shores. helps someone see through a wall of fire. helps those nowhere near the right doctor stand a chance. ... feeling in the extremities ? no. techno
bush was -- >> i thought their one idea, david, was cutting the deficit. >> that's -- they say that's the case, but it really is they want to just talk about spending cuts as if that is going to help the economy. and any mainstream economist now tells you that you may have to do that in some ways for long-term deficit implications but that's not good in the short run. even simpson/bowles say don't cut so fast. >> and just to be clear, it's not at all clear that they actually...
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Jan 14, 2013
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must tackle its debt and deficit problems. that is why there must be spending decreases, something they say wasn't a part of the deal the president just signed to avert, at least some of the fiscal cliff. tracy: here we go again. if february 15th is the big day, that would mean your poor wife will probably be alone on valentine's day, rich edson. god bless you. >> there are worse things. tracy: buy her a box of chocolate. >>> with earnings season getting in full swing this week our next guest says results could provide a base for the market to move higher especially because expectations are so darn low. joining us, margie battle, wells fargo advantage funds senior portfolio manager. earnings are low but doesn't bode well for what we'll hear out of these companies, does it? >> well i think some companies have done some preannouncements where they're expecting their growth to slow down because we should have some pretty low gdp growth for the next several months because of all the uncertainty. however, most companies have high c
must tackle its debt and deficit problems. that is why there must be spending decreases, something they say wasn't a part of the deal the president just signed to avert, at least some of the fiscal cliff. tracy: here we go again. if february 15th is the big day, that would mean your poor wife will probably be alone on valentine's day, rich edson. god bless you. >> there are worse things. tracy: buy her a box of chocolate. >>> with earnings season getting in full swing this week...
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Jan 14, 2013
01/13
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if the issue is deficit reduction, getting our deficits sustainable over time, getting our debt in a sustainable place, then democrats and republicans in congress will have a partner with me. we can achieve that and we can achieve it fairly quickly. we know what the numbers are, we know what needs to be done, we know what a balanced approach would take. we've already done probably more than half of what we need to stabilize the debt and the deficit. there's probably been more pain and drama in getting there than we needed. and so finishing the job shouldn't be that difficult. if everybody comes to the conversation with an open mind, and if we recognize that there is some things like not paying our bills that should be out of bounds. i'm going to take one last question. jackie. >> i'd like to ask you, now that you reached the end of your first term, starting your second, about a couple of criticisms, one that's longstanding, another more recent. the longstanding one seems to become a truism of sorts that you and your staff are too insular, that you don't socialize enough. and the seco
if the issue is deficit reduction, getting our deficits sustainable over time, getting our debt in a sustainable place, then democrats and republicans in congress will have a partner with me. we can achieve that and we can achieve it fairly quickly. we know what the numbers are, we know what needs to be done, we know what a balanced approach would take. we've already done probably more than half of what we need to stabilize the debt and the deficit. there's probably been more pain and drama in...
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Jan 17, 2013
01/13
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by $4 trillion over the next decade which would stabilize our debt and our deficit in a sustainable way for the next day-to-day. jon: so what about that statement from the president, true or false? a fact check on that and a bunch of others. we'll have the answers for you coming up. jon: right now lawmakers are working on a strategy to try to keep the government running. they only have about 4-6 weeks left before the nation hits the national debt ceiling. republicans are calling for budge cuts in return for raising the debt ceiling, but president obama came out swinging during his news conference on monday claiming he's already gone a long way toward closing the budget gap. joining us now to fact check some of his statements, stephen hayes, a senior writer for the weekly standard and a fox news contributor, douglas holtz-eakin is now president of the american action forum. just as a general rule, steven, when you heard the president speaking in that news conference, was he generally being honest with the american people about the state of our finances? >> well, i would say there wer
by $4 trillion over the next decade which would stabilize our debt and our deficit in a sustainable way for the next day-to-day. jon: so what about that statement from the president, true or false? a fact check on that and a bunch of others. we'll have the answers for you coming up. jon: right now lawmakers are working on a strategy to try to keep the government running. they only have about 4-6 weeks left before the nation hits the national debt ceiling. republicans are calling for budge cuts...
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Jan 14, 2013
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he knew that wasn't true and the deficit has gone through the roof and he said this to congress, deficit has gone through the roof since then. so he really -- there are a lot of republicans and one democrat, but there are a lot of republicans that didn't like his testimony. his testimony was false. and we'll see what happens. he's going to probably get the -- he's going to get it. a lot of things aren't being stopped. the republicans have not found a good way to stop things. and i'm not sure necessarily he should get stopped. this was the president's choice. the president did win the election. the president does have the right to make appointments and this is one of his appointments. but what he told congress was totally false and probably knowingly false. >> steve: i'm sure when he's called before that senate committee he's gog have an explanation of what he meant then and what he means now. >> they were tough statements and terrible statements and they couldn't have been more wrong. >> steve: yeah. turns out to be that case. all right. mr. trump, thank you very much. have a great week.
he knew that wasn't true and the deficit has gone through the roof and he said this to congress, deficit has gone through the roof since then. so he really -- there are a lot of republicans and one democrat, but there are a lot of republicans that didn't like his testimony. his testimony was false. and we'll see what happens. he's going to probably get the -- he's going to get it. a lot of things aren't being stopped. the republicans have not found a good way to stop things. and i'm not sure...
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Jan 14, 2013
01/13
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one that would reduce our deficits by $4 trillion over the next decade. which would stabilize our debt, and our deficit in a sustainable way for the next decade. that would be enough not only to stop the growth of our debt relative to the size of our economy, but it would make it manageable. so it doesn't crowd out the investments we need to make in people and education and job training and science and medical research, all the things that help us grow. step by step, we've made progress towards that goal. over the past two years i've signed into law about $1.4 trillion in spending cuts. two weeks ago i signed into law more than $600 billion in new revenue. by making sure the wealthiest americans begin to pay their fair share. when you add the money that we'll save in interest payments on the debt, all together that adds up to a total of about $2.5 trillion in deficit reduction over the past two years. not counting the $400 billion already saved from winding down the wars in iraq and afghanistan. so we've made progress. we are moving towards our ultimate g
one that would reduce our deficits by $4 trillion over the next decade. which would stabilize our debt, and our deficit in a sustainable way for the next decade. that would be enough not only to stop the growth of our debt relative to the size of our economy, but it would make it manageable. so it doesn't crowd out the investments we need to make in people and education and job training and science and medical research, all the things that help us grow. step by step, we've made progress towards...
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Jan 15, 2013
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the problem is that was the last deficit increase. the $1.2 trillion is sort of already in the bank. the credit agencies, by the way, assume we're going to make those cuts. so if you're suggesting that we do additional sequestration on the smaller part of the budget, the 38% we talked about, domestic discretionary, i suppose that's one way you could go. but, it ignores the fact that we've got this bigger part of the budget that's more politically sensitive, but has to be dealt with. the biggest part of the budget and the fastest growing part of the budget. it also, the $1.2 trillion is in the bank because of the discussions we had two years ago. >> you think the democrats would not see that as a credible threat? they would say go ahead, let the sequestration kick in? >> well, i think democrats and republicans alike would like to alter the way the sequestration works. but i hope that nobody's talking about not making good on our commitment to reach the $1.2 trillion. i'm certainly not. and those of us who are concerned on the across-th
the problem is that was the last deficit increase. the $1.2 trillion is sort of already in the bank. the credit agencies, by the way, assume we're going to make those cuts. so if you're suggesting that we do additional sequestration on the smaller part of the budget, the 38% we talked about, domestic discretionary, i suppose that's one way you could go. but, it ignores the fact that we've got this bigger part of the budget that's more politically sensitive, but has to be dealt with. the biggest...
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Jan 21, 2013
01/13
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the 49ers overcame a record 17-point deficit to beat the atlanta falcons 28-24. the super bowl will be played in new orleans on february 3rd. >>> and that's a look at some of the other stories making news had morning. up next, we'll take you back live to the capitol when our special inauguration day edition of "news4 today" continues. >>> the world will be watching this stage in just a few short hours. this is a live picture from the steps of the united states capitol. you can see it is a very busy place already this morning. everything is in place. as we speak, a mass movement of about a half million people on its way to the mall. good morning everyone. welcome back to this special inauguration edition of "news4 today"ment i'm aaron gilchrist. >>> i'm eun yang. take a look at this crowd gathered outside the farragut north metro station. we'll go live will in a moment. let's check the forecast. >>> you may have noticed the folks bundted up big time this morning. >> they're doing the right thing. it's cold. it's below freezing. tom kierein. starting with high clou
the 49ers overcame a record 17-point deficit to beat the atlanta falcons 28-24. the super bowl will be played in new orleans on february 3rd. >>> and that's a look at some of the other stories making news had morning. up next, we'll take you back live to the capitol when our special inauguration day edition of "news4 today" continues. >>> the world will be watching this stage in just a few short hours. this is a live picture from the steps of the united states...
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Jan 17, 2013
01/13
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you have the looming federal deficit, but you also have this deficit in infrastructure. what it takes to sustain mobility, the economy, society. we can't ignore one by taking care of the other. there has to be a package deal. the simpson-bowles commission recognized it had to be part of the package. you have to demand that transportation be part of this overall solution that is put together and get into whether ideas have a better chance of enactment. but what our stance is, if you simply go to the republican caucus and say, let's raise taxes, they'll throw you out of the room. but if you go to them with a proposition, can we reduce the deficit of $150 billion? can we make the program pay its own way and can we sustain jobs and the solvency of the highway trust fund all in one, i think we'll have something to go on. again, thank you so much for the cary award. we value this and i appreciate the recognition and we want to commitment our -- continue our commitment to research and debate opportunity to share with you the thoughts on this idea. what you heard the secretary s
you have the looming federal deficit, but you also have this deficit in infrastructure. what it takes to sustain mobility, the economy, society. we can't ignore one by taking care of the other. there has to be a package deal. the simpson-bowles commission recognized it had to be part of the package. you have to demand that transportation be part of this overall solution that is put together and get into whether ideas have a better chance of enactment. but what our stance is, if you simply go to...
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Jan 14, 2013
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but in this time of trillion dollar budget deficits bailouts and -- i think we have lost track of how much money it is. it comes to about $450 out of the budget of household in the country. that's tab for every household in america. $50. i don't think they begrudge a penny provided they were assured it was going for immediate emergency relief, and recovery. but looking at the package, $50 billion. $16 billion is to begin triple the amount being spent for community development block grant. we know what the program is. it's funded questionable projects as doggy daycare center in ohio, and a day at the circus in new york. the omb has repeatedly warned us that the program is in their words, ineffective. that is the bureaucracy's polite term for programs where they cannot trace the funding and cannot show any kind of effectivenesses. the legal authorization for this program expired in 1994, by this measure. as i said country triples. $2 billion is for road repair. including as he pointed out up to $20 million in guam the islands, and american samoa that aren't in the same ocean as hurrican
but in this time of trillion dollar budget deficits bailouts and -- i think we have lost track of how much money it is. it comes to about $450 out of the budget of household in the country. that's tab for every household in america. $50. i don't think they begrudge a penny provided they were assured it was going for immediate emergency relief, and recovery. but looking at the package, $50 billion. $16 billion is to begin triple the amount being spent for community development block grant. we...